The annual “618” shopping festival has been a huge success for e-commerce brands up and down the nation, with numbers smash previous years’.
JD.com has announced today that its gross merchandising volume reached $47.48bn and that its average turnover over for its “core brands” was 4.3 times more than last year.
According to Tmall, its roster of brands have gained a combined total of around 60 million new store followers since the start of sales event at the beginning of June, with this new customer base making up to 50 per cent of some brands figures.
The 618 festival isn’t just an opportunity for giants to increase their profits; lots of smaller businesses are seeing massively improved figures from taking part. In the first two weeks of the festival, 459 new brands topped categories on Tmall, a figure up 27.5 per cent from last year’s popular sales event Singles’ Day according to Businessoffashion.
The 618 festival was initially launched as one-day event however due to its success has been stretched in recent years to weeks long.
